Café chain Loungers announce plan to float on stock exchange
Bristol-headquartered café, pub and bar chain Loungers has today announced plans to float on the London Stock Exchange, as part of its growth plans.
Loungers operate Cosy Club and Lounges-branded venues across the UK, and last year reported revenues of £121.1m – up from £91.8m in 2017.
The company is floating on AIM to increase its national profile, and provide new incentives for investors. Alongside this, Loungers has announced that it is set to open 25 new sites this year, with one relocation.
Loungers has also announced that there are a further 13 sites where contracts have been exchanged, and 35 sites in legal documentation.
Chief executive Nick Collins said: “I am delighted to announce our intention to list on AIM. It has long been the ambition of the founders and myself that Loungers becomes a listed entity.
“The listing will allow us to broaden the employee shareholder base and provide us with an appropriate capital structure to pursue our future growth ambitions.
“Loungers is the only growing all-day operator of scale within the UK hospitality sector. Our relaxed, casual, home from home proposition which combines coffee shop, pub and restaurant across our two complementary brands – Lounge and Cosy Club – resonates with today’s consumer, attracting broad demographic appeal in a diverse range of trading locations.
“We have a growing business and clear expansion strategy to continue to rollout 25 new sites per year supported by a strong pipeline of sites and led by an experienced and committed management team.
“We believe our track record speaks for itself and look forward to the opportunity which lies ahead to deliver significant value for all shareholders.”
GCA Altium is advising with Liberum Capital Limited and Peel Hunt acting as joint bookrunners.